In a bid to connect retailers and manufacturers globally, Reevoy – a global fashion trade platform, has recently announced that it has raised INR 48 crores in debt for its invoice financing arm from Kilde. The company plans to use the funds to expand its operations by 4X and enhance its operations and financial offerings for brands it is currently working with.
Today, most of the global fashion trade is facilitated through traditional buying agents, bringing in several inefficiencies owing to the fragmented nature of the buying agents. Also, the top five buying houses in India account for less than 10% of India's fashion trade globally.
Reevoy was founded in 2020 by IIT Delhi Alumnus Ankur Khetan, Ishan Dadhich and Mohit Agarwal to solve these challenges by creating a one-stop destination for importers to find suitable exporters, streamline the production process - from design to final quality checks and purchase the goods on credit.
In the last few years, the fashion industry has evolved drastically and is expected to revolutionise in the next five years. With heating competition across the globe, consumers today are looking for variety, making it essential for the supply chain to update its strategies and become more agile and flexible. For India to become globally competitive, stakeholders need to improve forecasting design trends, ensure consistent quality supply, and meet the timelines of fast fashion. Reevoy is working on addressing these evolving narratives by strengthening its AI-driven tech using market analysis, and research to identify and forecast colour, style, and design trends. The startup is also working on prediction models to improve process controls through technology to cater to this.
Radek Jezbera from Kilde said, “We have been extremely bullish on building the India story, and our investment in Reevoy is a testament to our continued commitment. Since its inception, Reevoy has been creating strides in the ecosystem through its offerings, such as low-cost capital to manufacturers to help minimise risks owing to control over the process. This has helped them attract key players across the ecosystem, and we are dedicated to their vision of streamlining the global fashion and home decor ecosystem.”
Reevoy works with 10+ retailers globally and 80+ factories across India and Bangladesh. Since its inception, the company has shipped one million pieces and is looking to send another two million in the remainder of the year. Last year, the start-up raised around USD 4 Mn as seed money, led by 9Unicorns and VCats, followed by Better Capital and Earlsfield Capital Partners participation.